Brief Exercise 8-6 Consider these transactions: (Credit account titles are autom

Question

Brief Exercise 8-6 Consider these transactions: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a Sage Hill Inc. accepted a V sa card in payment of a $1,300 lunch bi The bank charges a 3% fee what entry should Sage Hill Inc make b) Sunland Company sold its accounts receivable of $64,500. what entry should Sunland Company make, given a service charge of 3% on the amount of receivables No. Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS

Explanation / Answer

Journal Entries

Journal Entries

Sr.No. Account title Debit Credit a Cash (1300-(1300*3%)) 1261 Bank charges 39 Sales revenue 1300 ( To record the sales by accepting Visa Card) b Cash (64500-(64500*3%) 62565 Service charges 1935 Account Receivables 64500 ( To record the sale of accounts receivable)

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